Bitcoin receives $2B. The field of digital asset investments saw a substantial upswing thanks to the total inflow of Bitcoin into investment products over the past week. Surprisingly, $1.97 billion in the form of investments drove Bitcoin (BTC) to become the most lucrative currency. Nevertheless, Ethereum (ETH) has also come on the scene because of its dramatic rise in value.
Bitcoin & Ethereum Inflows Surge
The weak U.S. macroeconomic data has completely changed this view. It has resulted in the belief that the rates will be reduced earlier than expected. Good price action lifted assets under management (AuM) to over $100 billion for the first time since March. However, the shortfall occurred for the first time since March.
Moreover, $2 Billion Bitcoin Receives $2B Receives continued to lead as the most significant focus, getting 1.97 billion dollars in new deposits over the week. Meanwhile, short-Bitcoin products faced a third consecutive week of outflows, reaching a combined loss of $5.3 million. This indicates that investors are more likely to purchase Bitcoin when market sentiment turns bullish.
On the flip side, Ethereum caught the attention of many. Therefore, it achieved its highest weekly inflows, as it has had since March, with a total of $69 million. This move is likely due to the SEC’s unexpectedly permitting 19-b4 spot ETFs for Ethereum.
CPI & PPI Data This Week
This week, crypto investors will be more prudent in the U.S. Consumer Price Index (CPI) area for May, a necessary inflation figure. Wednesday, U.S. 12th, is when the report is due. CPI and Core CPI indicators of price change and inflation are focal points in the economic sector that shed light on the issue of inflation in the United States on July 12.
The U.S. price Index (PPI) and its base measure, the Core PPI, determine the inflation pattern in the country. Additional information will be released on Thursday, June 13, when the May indices become available. The publication of these inflation indices would make Juneeserve’s future moves regarding interest rates essential. Cryptocurrency investors, including Bitcoin Receives $2B Receivers $2B, are piling up these likely CPI and PPI statistics, especially after last week’s mixed U.S. data. Further, this will include the Fed’s next move.
The E.U. Central Bank has, however, in recent times, reduced its rates by …. A cut by the Federal Reserve, which means that the Bitcoin price increase came in a burst. However, market sentiment defies the fact that the Federal Reserve will not cut a rate. Still, the Fed may take necessary measures to bring inflation during the coming press conference.
FAQs
What caused the surge in Bitcoin and Ethereum inflows?
The weak U.S. macroeconomic data led to expectations of lower interest rates, boosting investor confidence in Bitcoin and Ethereum.
What was Ethereum's performance in terms of weekly inflows?
Ethereum saw its highest weekly inflows since March, totaling $69 million, largely due to the SEC approving Ethereum spot ETFs.
What are the upcoming economic reports that could affect the market?
Crypto investors are closely watching the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data for May, which are critical for future interest rate decisions.
How did the U.S. Federal Reserve and the EU Central Bank impact Bitcoin's price?
The U.S. Federal Reserve's stance on interest rates and the EU Central Bank's rate cuts contributed to Bitcoin's price increase, despite market uncertainty.
